Sales activity increased to more typical levels in Metro Vancouver during the summer months.
According to the Real Estate Board of Greater Vancouver (REBGV)residential home sales totalled 2,231 in August 2019, a 15.7% increase from the 1,929 sales recorded in August last year, and a 12.7% decrease from the 2,557 homes sold in July 2019.
August sales were 9.2% below the 10-year August sales average.
"Home sales returned to more historically normal levels over the last 2 months compared to what we saw in the first six months of the year," said REBGV President Ashley Smith.
There were 3,747 newly listed properties for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2019. This represents a 3.5% decrease compared to the 3,881 homes listed in August last year and an 18.8% decrease compared to July 2019 when 4,613 homes were listed.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,396, a 13.3% increase compared to August last year (11,824) and a 5.9% decrease compared to July 2019 (14,240).
For all property types, the sales-to-active listings ratio for August 2019 is 16.7%. By property type, the ratio is 12% for detached homes, 18.4% for townhomes, and 21.2% for apartments.
"With more demand from home buyers, the supply of homes listed for sale isn’t accumulating like earlier in the year. These changes are creating more balanced market conditions," Smith said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $993,300. This represents an 8.3% decrease over August last year and a 0.2% decrease compared to July 2019.
Sales of detached homes in August 2019 reached 706, a 24.5% increase from the 567 detached sales recorded in August last year. The benchmark price for detached homes is $1,406,700. This represents a 9.8% decrease from August last year and a 0.7% decrease compared to July 2019.
Sales of apartment homes reached 1,116 in August 2019, an 8.9% increase compared to the 1,025 sales in August last year. The benchmark price of an apartment property is $771,000. This represents a 7.4% decrease from August last year and a 0.1% increase compared to July 2019.
Attached home sales in August 2019 totalled 409, a 21.4% increase compared to the 337 sales in August last year. The benchmark price of an attached unit is $654,000. This represents a 7.8% decrease from August last year, a 0.2% increase compared to July 2019.